Monday, June 29, 2015
Thursday, June 4, 2015
The Old New Market Structure
Seems like a good plan to me.
The article has a creative solution to the equity market structure problem of fragmentation: only allow stocks to trade on one exchange but have multiple exchanges compete for listings. The authors propose:As opposed to now, when we have companies all under essentially identical exchanges due to, I think, the consolidation of regulation under FINRA, and the exchanges compete to get the most volume.
“The remedy is to create multiple trading venues and then limit trading in a particular security to one of them. There could be 10 licensed stock exchanges, and they could split among them the approximately 8,000 companies whose shares trade publicly in the U.S.”
Monday, April 27, 2015
Windows Server DNS and the loopback address
I did not know that the loopback address was supposed to be listed last in the DNS server settings on DCs. Fascinating. It seems there is a Best Practices Analyzer tool that tells you all of these things.
Tuesday, April 21, 2015
Friday, April 10, 2015
Rule 606 woes
And more crazy issues with market structure.
With all the yelling about order types and the complexity of the markets, you would think that there would be an angry mob calling for transparency. But that doesn't seem to be the case, despite 606, the existing disclosure rule, being hopelessly outdated and failing to require the disclosure of most routed orders.
Wednesday, February 4, 2015
Thursday, January 15, 2015
Invest in people, not ideas
As PG points out.
Betting on people over ideas saved me countless times as an investor. We thought Airbnb was a bad idea, for example. But we could tell the founders were earnest, energetic, and independent-minded. (Indeed, almost pathologically so.) So we suspended disbelief and funded them.
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